YieldMax Semiconductor Portfolio Option Income ETF CHPY Strategy

The investment seeks current income; the fund’s secondary objective is to seek capital appreciation via investments in a select portfolio of semiconductor companies. The fund’s strategy involves: (1) constructing a portfolio of U.S.-listed equity securities of semiconductor companies (each, an “underlying security”) (the “Equity Strategy”) and (2) generating income through an options portfolio (the “Options Strategies”), which involve using options contracts on underlying securities and/or semiconductor ETFs. The fund is non-diversified.